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Name | Symbol | Market | Type |
---|---|---|---|
Medallion Bank | NASDAQ:MBNKP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -0.20% | 24.95 | 24.55 | 25.00 | 24.95 | 24.78 | 24.79 | 1,522 | 18:11:58 |
2022 Second Quarter Highlights
Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “We recorded another quarter of substantial earnings, driven by record loan originations on sustained demand for our products that serve the recreation vehicle, marine, and home improvement industries. Despite rising interest rates and inflationary pressure, our borrowers continued to perform well and loan losses remained lower than historical norms. While the provision for loan losses grew year-over-year commensurate with loan growth, net recoveries of $2.3 million in our medallion loan portfolio were a helpful offset. We continue to focus on serving our customers with an optimal balance of high tech and high touch in order to deliver superior financial performance.”
Recreation Lending Segment
Home Improvement Lending Segment
Series F Preferred Stock Dividend
On July 26, 2022, the Bank’s Board of Directors declared a quarterly cash dividend of $0.50 per share on the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.” The dividend is payable on October 3, 2022, to holders of record at the close of business on September 15, 2022.
About Medallion Bank
Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with offering loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
For more information, visit www.medallionbank.com
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “continue,” “believe,” or “will,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature, such as “sustain.” These statements relate to our future earnings, returns, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2021, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. In addition, Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.
Company Contact:Investor Relations212-328-2176InvestorRelations@medallion.com
MEDALLION BANKSTATEMENTS OF OPERATIONS(UNAUDITED) | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||
Total interest income | $ | 44,905 | $ | 37,594 | $ | 86,249 | $ | 73,350 | |||||||
Total interest expense | 4,912 | 4,465 | 9,066 | 9,176 | |||||||||||
Net interest income | 39,993 | 33,129 | 77,183 | 64,174 | |||||||||||
Provision (benefit) for loan losses | 5,986 | (374 | ) | 8,130 | 2,364 | ||||||||||
Net interest income after provision for loan losses | 34,007 | 33,503 | 69,053 | 61,810 | |||||||||||
Other (loss) income | |||||||||||||||
Write-downs of loan collateral in process of foreclosure | (54 | ) | (1,424 | ) | (440 | ) | (2,552 | ) | |||||||
Other non-interest income | 392 | 442 | 548 | 536 | |||||||||||
Total non-interest loss, net | 338 | (982 | ) | 108 | (2,016 | ) | |||||||||
Non-interest expense | |||||||||||||||
Salaries and benefits | 3,466 | 2,798 | 6,971 | 5,602 | |||||||||||
Loan servicing | 2,787 | 2,704 | 5,456 | 5,352 | |||||||||||
Collection costs | 1,319 | 1,120 | 2,478 | 2,135 | |||||||||||
Regulatory fees | 560 | 456 | 1,011 | 895 | |||||||||||
Professional fees | 394 | 474 | 805 | 898 | |||||||||||
Occupancy and equipment | 127 | 187 | 370 | 373 | |||||||||||
Other | 1,251 | 866 | 2,143 | 1,872 | |||||||||||
Total non-interest expense | 9,904 | 8,605 | 19,234 | 17,127 | |||||||||||
Income before income taxes | 24,441 | 23,916 | 49,927 | 42,667 | |||||||||||
Provision for income taxes | 6,581 | 6,397 | 13,283 | 11,376 | |||||||||||
Net income | $ | 17,860 | $ | 17,519 | $ | 36,644 | $ | 31,291 |
MEDALLION BANKBALANCE SHEETS(UNAUDITED) | |||||||||||
(In thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||
Assets | |||||||||||
Cash and federal funds sold | $ | 93,946 | $ | 61,402 | $ | 61,563 | |||||
Investment securities, available-for-sale | 50,358 | 44,772 | 48,307 | ||||||||
Loans, inclusive of net deferred loan acquisition costs | 1,638,426 | 1,415,415 | 1,274,846 | ||||||||
Allowance for loan losses | (58,079 | ) | (53,384 | ) | (52,799 | ) | |||||
Loans, net | 1,580,347 | 1,362,031 | 1,222,047 | ||||||||
Loan collateral in process of foreclosure | 14,053 | 21,438 | 32,768 | ||||||||
Fixed assets and right-of-use lease assets, net | 5,766 | 4,230 | 3,308 | ||||||||
Deferred tax assets | 8,829 | 7,576 | 7,936 | ||||||||
Due from affiliates | — | — | 487 | ||||||||
Accrued interest receivable and other assets | 42,038 | 37,788 | 33,911 | ||||||||
Total assets | $ | 1,795,337 | $ | 1,539,237 | $ | 1,410,327 | |||||
Liabilities and Shareholders’ Equity | |||||||||||
Liabilities | |||||||||||
Deposits and other funds borrowed | $ | 1,469,241 | $ | 1,250,880 | $ | 1,152,068 | |||||
Accrued interest payable | 1,303 | 1,228 | 1,196 | ||||||||
Income tax payable | 26,924 | 16,104 | 4,643 | ||||||||
Other liabilities | 14,460 | 7,672 | 10,256 | ||||||||
Due to affiliates | 478 | 906 | — | ||||||||
Total liabilities | 1,512,406 | 1,276,790 | 1,167,676 | ||||||||
Total shareholders’ equity | 282,931 | 262,447 | 242,164 | ||||||||
Total liabilities and shareholders’ equity | $ | 1,795,337 | $ | 1,539,237 | $ | 1,410,327 |
1 Year Medallion Bank Chart |
1 Month Medallion Bank Chart |
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